Signatories to the voluntary initiative promise to pay small business suppliers within 30 days of receiving a correct invoice, as well as the correct goods and services.
Scentre Group chief executive Peter Allen said he understands that many businesses rely on on-time payments in order to thrive, adding that Scentre is fortunate to have so many small business partners that enable it to deliver “great experiences for our customers, retail partners and communities every day.”
“As a vertically integrated business, managing planning, design, development and construction, through to curation of our retail, service and experience mix and day-to-day centre management, our supplier relationships span a cross-section of industries and are fundamental to our business operations,” Allen said.
“Signing the Code demonstrates our commitment to partnering with our small business suppliers for the long-term.”
The Code also encourages larger entities to assist small businesses in the implementation of new technology and best-practice payment methods to speed up invoicing.
The Business Council of Australia has noted that trade between small, medium and large businesses exceeds $550 billion a year, and that every business benefits when a nation has a booming small business sector.
Woolworths and Coles have both signed on to the agreement.
The Morrison Government has said it would name and shame large entities that fail to pay small businesses on time, with Prime Minister Scott Morrison stating there was “no excuse.”
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